General Secretary of Central Committee of Communist Party of Viet Nam and President of the Socialist Republic of Viet Nam H.E. Mr. To Lam have paid the visit to India on the invitation of Honorable Prime Minister of India. This visit have taken their bilateral relationship to the next level with the announcement of an Enhanced Comprehensive Strategic Partnership and visit have resulted in the signing of total 13 Memorandums of Understanding (MoUs) and several announced several announcements.
Enhanced Comprehensive Strategic Partnership: What It Means
The elevation of the bilateral ties to an Enhanced Comprehensive Strategic Partnership the important diplomatic milestone between India and Vietnam. This framework aims to strengthen cooperation in the strategic sectors which includes defense, technology, economic growth, maritime security and people to people connections.
Also Vietnam’s decision to join the Indo-Pacific Oceans Initiative (IPOI) highlights the increasing regional cooperation. The IPOI is launched by India which focuses on maritime security, sustainable marine resources and regional stability in the Indo-Pacific region.
The strengthened partnership comes at that time when both the countries are focusing on supply chains and boost the digital infrastructure and improve the regional connectivity.
Key Agreements Signed Between India and Vietnam
Digital Payments and Financial Innovation Push
One of the most important agreements is signed during the visit was between the Reserve Bank of India (RBI) and the State Bank of Vietnam (SBV). This agreement focuses on operation in the financial innovation and digital payment status.
Additionally the agreement between NPCI International Payments Limited (NIPL) and the National Payment Corporation of Vietnam (NAPAS) will also help establish cross-border QR code based interoperability.
Rare Earth and Technology Cooperation Expands
India and Vietnam also signed the important agreement on cooperation in the rare earth elements between IREL (India) Ltd. and Vietnam’s Institute for Technology of Radioactive and Rare Elements (ITRRE).
The Rare earth elements (REEs) are critical for manufacturing electric vehicles, semiconductors, renewable energy equipment and defense technologies.
Also this agreement is strategically important as it seeks to alternatives to concentrated global supply chains.
Another major agreement was signed between the India’s Ministry of Electronics and Information Technology with the Vietnam’s Ministry of Science and Technology to strengthen their cooperation in digital technologies and the IT sector.
Healthcare and Pharmaceutical Regulation Cooperation
Also, India and Vietnam signed an agreement between the India’s Central Drugs Standard Control Organization (CDSCO) and Vietnam’s Drug Administration to improve cooperation in the sector of medical products regulation.
This agreement will covers pharmaceuticals, biological products, cosmetics and medical devices. This is expected to support the smoother healthcare trade and regulatory coordination between the two countries.
As India is known worldwide as a major pharmaceutical manufacturing hub and this partnership will create new opportunities for healthcare exports and investments.
Tourism, Culture and Education Relations Strengthened
The several agreements focused on the cultural and educational collaboration.
A new Cultural Exchange Program for the period of 2026-2030 was signed to expand cultural activities, exchanges and artistic cooperation.
India has also signed tourism cooperation agreements which are aimed at promoting travel and people-to-people interaction.
Tourism cooperation is also expected to increase the cultural familiarity and economic activity between the two countries.
The agreement between the Nalanda University and the Ho Chi Minh National Academy of Politics will focuses on capacity building and training initiatives.
Mumbai and Ho Chi Minh City to Collaborate
An agreement between the Brihanmumbai Municipal Corporation (BMC) and the Ho Chi Minh City People’s Committee is aims to improve the cooperation in urban governance and economic development.
The partnership will help both the megacities and exchange expertise in areas of infrastructure, waste management, smart city planning and sustainable urban growth.
Cham Manuscripts Digitisation Project
Also a culturally significant agreement was signed for the digitization and preservation of Cham manuscripts of Indian origin preserved in the Vietnam.
This project will involve survey, documentation, conservation and the online dissemination of these ancient manuscripts and will strengthening historical and civilizational links between India and Vietnam.
Trade Target Raised to USD 25 Billion
The India and Vietnam have announced a new bilateral trade target of USD 25 billion by 2030. Both the countries are looking to expand their cooperation in sectors such as,
- Electronics and semiconductors
- Agriculture and food exports
- Pharmaceuticals
- Renewable energy
- Digital economy
- Maritime trade
To improve the agricultural trade India has announced the export of Indian grapes to Vietnam while Vietnam will export durian to India.
Why the India-Vietnam Partnership Matters
India and Vietnam shares the long standing civilizational, political and economic ties which have strengthened significantly over the last decade.
As both the countries view each other as important partners to maintaining regional stability, promoting economic growth and ensuring a free and open Indo-Pacific.
The leaders have also noted that 2026 marks the 10th anniversary of the India-Vietnam Comprehensive Strategic Partnership and they agreed to deepen cooperation across the various sectors under the shared vision of strategic convergence and the substantive cooperation.
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